The Ethereum spot ETF launch is considered a major potential to flip market sentiment, with Bloomberg analyst James Seyffart predicting a possible listing later next week or the week of July 15.
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The cryptocurrency market has generally been on a downtrend recently, with investors and market analysts looking for the next big event that could change the market atmosphere. The listing of the Ethereum ETF is considered a major potential to turn around market sentiment. Bloomberg analyst James Seyffart recently revealed on Twitter that Bitwise Invest has once again submitted a revised Ethereum ETF S-1 form.
Analyst: Speculates listing next week or the week of July 15!
Of interest to investors, Seyffart speculates that this week will see more issuers submitting similar applications, and the Ethereum spot ETF could be listed later next week or the week of July 15.
It is understood that Bitwise’s submission includes an update of up to $500 million in six-month fund trust management fee waivers. Although the document does not specify the exact start date for listing and trading on the New York Stock Exchange, Bitwise states it will “launch as soon as registration is effective,” meaning the listing date depends on the SEC’s approval progress. However, Bitwise is prepared and will act quickly once approved.
On the other hand, Bloomberg analyst Eric Balchunas questions the SEC’s approval progress, stating that no one really knows why the SEC is taking so long to process these forms. He also points out that Ethereum spot ETF trading should go live soon, but certain issues may have slowed the process. He speculates that this may be due to the summer holidays, with staff on vacation, causing a slowdown in processing.
Will ETH welcome a large influx of funds?
According to Eric Balchunas’s previous estimates, Ethereum’s market flow may only be 10% of Bitcoin’s. This means that within six months, Ethereum’s actual net purchase flow is expected to be $500 million, with a net flow of $1.5 billion.
Regarding whether Ethereum will welcome a large influx of funds, Andrew Kang, co-founder of Mechanism Capital, has a relatively conservative view. He predicts that the Ethereum ETF market will be about 15% of Bitcoin’s market flow, i.e., an actual net purchase amount of $840 million and a net flow of $2.52 billion.
Before the ETF launch, Andrew Kang predicts that the trading price of ETH will be between $3,000 and $3,800; after the ETF launch, he predicts the price will instead be between $2,400 and $3,000. It is worth mentioning that Andrew Kang also states that everything still depends on Bitcoin. If Bitcoin rises to $100,000 by the end of 2024 or early 2025, this could push ETH to a new historical high.
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